How Can You Manage Your Subscriptions to Save Your Budget?
Subscriptions make our lives easier. Unfortunately, they don’t come for free. Some of them can even stock up into credit card debt. So, here’s how you can save your budget from recurring subscriptions:
Determine Your Active Subscriptions
The first thing that you should do is determine your subscriptions. We all have recurring payments for subscription services that we pay monthly, quarterly, or annually. Most streaming services like Netflix, Hulu, Amazon Prime, and YouTube can be standard.
After all, 80% of Australian households will be paying for entertainment and gaming services in 2022. You can even have one or a couple of TV box subscriptions like Fetch TV.
Therefore, determining your subscriptions can help you manage your budget for your monthly expenses.
Identify Your Hidden Subscriptions
Although entertainment services are the most common subscriptions, there are some services that we sometimes forget about.
Some of them are music, beauty box subscriptions, and fitness services. These recurring billings can take up a chunk of our monthly budget without us even realising it.
Besides the obvious monthly payments, there are other places to look. You must also check on Google Play, Apple store, and iOS.
Sometimes, subscriptions like a gaming service or iCloud storage might seem insignificant, but the cost can be overwhelming if you add them to your other subscriptions.
Find More Affordable Alternatives
An expensive subscription sometimes doesn’t guarantee better service than the more affordable one. Hence, doing some research can help determine whether your subscription is cost-effective.
For example, the Australian music streaming market has at least six predominant music services: Spotify, Apple Music, YouTube Music, Tidal, Amazon Music, and Deezer. You can look up their sound quality, social features, number of playlists, and access to new releases.
You can choose the best for your budget by comparing their services and price ranges.
Downgrade Your Subscriptions
Another way you can save your budget is by downgrading your current subscriptions. Some offer tiered pricing, where you can access certain features and services within a specific price range.
For instance, Netflix offers four payment tiers: premium, standard, essential, and mobile. You can downgrade to a standard subscription if you don’t mind streaming your favourite movies in 1080p resolution.
Skipping the premium plan is a good choice, primarily if your TV or computer doesn’t support the 4K resolution.
Moreover, it would be best to consider what devices you primarily use when streaming. You can save much more with the mobile plan if your primary streaming devices are tablets and phones.
Eliminate Subscriptions with Similar Services
Categorising what services your subscriptions provide can also help you identify which ones offer the same services.
Once you’ve narrowed down your subscriptions, you can look at the features and benefits they offer. Then, you can decide which subscription is more useful to you.
However, if you need to save money for more essential expenses or are on a tight budget, you can look for other free streaming services online.
There are Australian streaming services that are free, including 7Plus and 9Now. For children’s entertainment, you can check out Kanopy and Tubi.
Cancel Obsolete or Unnecessary Subscriptions
One of the most effective ways to save your budget from recurring subscriptions is by cancelling them.
For example, you can ditch the beauty box and fitness subscriptions you rarely use. Besides, beauty products can last longer than you expect. So, you might not need a new delivery every month.
Moreover, you can swap fitness subscriptions or gym memberships with jogging around your neighbourhood and hiking on the weekends. You can even get free videos on YouTube to help you work out inside the comfort of your home.
Set Renewal Reminders on Your Calendar
Companies often offer free trials to potential customers. Consider taking advantage of these free trials, as they can let you test out their services before you commit for the long haul.
For instance, streaming services, such as Amazon Prime and Hulu, give you a month to explore their features and benefits for free.
However, set a renewal reminder at least five or seven days before the free trial ends. This way, you’ll have enough time to make a decision. At the same time, you can cancel the subscription before the company charges you.
Opt for Annual Subscriptions
If you’ve reviewed and selected the online subscriptions you would like to keep, opt for annual plans instead of paying monthly. Companies offer significant discounts to customers who are willing to purchase yearly subscriptions. This way, you can save more money in the long run.
Select Family Plans
While having two subscriptions might not seem like a lot, it can take a chunk of your budget. The group family plan is worth considering if you’re paying for a couple or more users for the same subscription. It can help you save a lot more.
Luckily, some services like Netflix offer a premium plan, where you can simultaneously share the same benefits with other users. Moreover, the standard procedure can support two devices at the same time.
The Wrap Up
So, how can you save your budget from hidden or recurring subscriptions? Typically, you can determine your active and hidden subscriptions, find more affordable services, eliminate subscriptions that offer the same services, downgrade your subscriptions, cancel unnecessary subscriptions, and opt for annual services.
You can also take advantage of family plans and free trials. However, set a reminder on your phone five days before the free trial expires. Unless you decide to subscribe to the service, you’ll need to cancel before the renewal dates.